DAKTRONICS, INC. 1 - 2006 - Laserfiche WebLink

Home Browse Search

Scoreboard, as set forth in City's Request for Proposals 06-091 and further detailed in Exhibit B, attached hereto. The revenue from such sponsorship and commercial space will be utilized to offset fhe City's up-front construction costs offhe scoreboard and marquee. 2. COMPENSATION a. City agrees to pay, and Contractor agrees to accept as total payment for its services set forth in Paragraph I.a., above, fhe rates and charges set forth in Exhibit A-I, attached hereto. Said charges shall include the cost of installing advertising sponsor's logos on fhe Scoreboard and any future changes to advertising panels. The total sum to be expended for services set forth in Paragraph La. shall not exceed $535,388.00. b. Payment by City shall be made as follows: · Thirty percent (30%) upon equipment order by Contractor · Sixty percent (60%) upon installation of equipment · Ten percent (10%) upon completion of training City shall retain ten percent (10%) of each milestone payment, which retention will be released to Contractor upon City's final acceptance of the Scoreboard and Marquee. Payment pursuant to said milestones will be made following receipt of proper invoice evidencing milestone performed, subject to City accounting procedures. Payment need not be made for work which fails to meet the standards of performance set forth in the Recitals which may reasonably be expected by City. c. City agrees to pay, and Contractor agrees to accept as total payment for its sponsorship/ad sales services set forth in Paragraph I.b., seventeen percent (17%) commission on revenue generated through fhe sales of sponsorship/commercial space until City's total costs of purchase and installation of fhe Scoreboard and Marquee have been recovered by sales of such sponsorship space. When fhe threshold amount has been fully recovered by City, in full payment for Contractor's services, City and Contractor shall share sponsorship revenue wifh seventy percent (70%) to City and fhirty percent (30%) to Contractor. Contractor shall reimburse City its 70% within thirty (30) days of receipt of such revenue from each of fhe scoreboard sponsors. d. Contractor agrees that it will use generally accepted accounting principles regarding fhe sale of sponsorship/commercial space. Contractor shall provide City wifh a monfhly account of advertising expenditures and revenues and shall provide an annual financial report prepared by a third party CPA, identifying expenditures and, revenues and net profit. Said records shall be available during fhe period of this Agreement and for a term of two years after termination of this Agreement. 3. TERM This Agreement shall commence on fhe date first written above. Equipment shall be installed in accordance with the schedule set forth in Exhibit A. The Advertising services set forth in Exhibit B will be provided for a period of 5 years, unless terminated earlier in 2